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Tips for building integrated sales processes to increase win rates and revenue

Drive smarter sales processes to win more deals

Key findings:

  1. Why streamlined and automated sales processes are crucial for your organization
  2. How to achieve sustainable success in corporate sales
  3. How to intelligently orchestrate sales processes to ensure higher win rates

Key findings

STREAMLINED SALES PROCESS

The common definition of a sales process is a set of steps and activities for everything from receiving a lead to closing a deal. The majority of companies in business today have a sales process in place. However, there is a huge gap between having one and acting upon it. Not many companies use their own sales process as an internal sales methodology. Even less monitor and measure it on a regular basis or provide feedback to sales reps and have it automated in CRM.

The main objective of a sales rep at this stage is to assess a lead’s potential. Typically, BANT needs to be defined and four main questions need to be answered:

  • 18% Companies with a formal sales process have 18% higher revenue
  • 50% The win rate exceeds 50% for 2/3 of companies with a defined process in place
  • 90% Sales teams that implement best practice processes across their organizations have almost 90% quota attainment

It’s important for every sales organization to create a formalized sales process that becomes an internal blueprint with a set of well-thought-out actions for lead qualification to deal closure. A sales process should be fully integrated into a company’s ecosystem to drive behavior that creates value by impacting sales results. When implemented correctly, the sales process is accepted by sales reps and managers as a tool to improve their productivity and performance, giving a clear understanding of all the steps within the process so they can identify what actions they need to take to successfully close a deal. Your sales team shouldn’t have to guess where a particular deal stands or how they should be managing opportunities at different stages.

✅ Pro Tip: It takes careful analysis and a clear understanding of important factors to make progressive changes to your sales process. Use sales metrics as a base for creating a dynamic and responsive sales process to help you improve results and reach your sales goals.

PROSPECTING: QUALIFICATION & NEEDS ANALYSIS STAGES

After the processes and stages are defined, we can explore every stage of the sales funnel. Each stage in the process has its own objective and set of activities. Let’s take a closer look at each stage.

Qualification stage

The main objective of a sales rep at this stage is to assess a lead’s potential. Typically, BANT needs to be defined and four main questions need to be answered:

  • Does the lead have a sufficient Budget?
  • What is the prospect’s Authority – are the decision makers engaged or at least identified?
  • Does the prospect have an identified Need for your product or services?
  • Is the Timeframe for the purchase identified?

If a lead was not qualified as an opportunity it should be passed back to the funnel and the lead nurturing process should be applied.

  • 80% of reps think they are good at qualifying opportunities
  • 80% of prospects labeled “bad leads” by sales teams actually make a purchase within 24 months
Top 3 challenges on the Qualification stage

Needs analysis stage

The main purpose of this stage is to collect information on a client and determine the client’s business model, requirements, needs and pain points. This data gives a sales rep an opportunity to tailor presentations and proposals to the client’s needs.

Top 3 challenges of the Needs analysis stage
Top 3 challenges of the Needs analysis stage

✅ Pro Tip: Don’t miss any of the key actions during this stage – set up an initial meeting, create an opportunity in CRM and assign an owner. Use formal questionnaires for more sophisticated needs analysis and don’t miss any details.

WORKING ON AN OPPORTUNITY: PRESENTATIONS, PROPOSALS AND NEGOTIATIONS

Presentation stage

The goal of this step is to prepare a high impact presentation or product demonstration based on the information obtained from the previous stages of the sales process. It is also crucial to make sure key decision makers and influencers plan on attending the meeting and listen to your presentation.

  • 56% Only 56% of sales reps can access key decision makers
  • 30% The probability of a successful deal during a presentation is not higher than

Proposal development and submission stage

The main purpose of this stage is to coordinate all activities involved in proposal preparation in order to submit on time and address all identified needs, requirements and expectations. However, in many cases a proposal requires additional reviews and approvals before being submitted to a prospect. To eliminate bottlenecks at this stage, companies need a streamlined and automated process that orchestrates all stages of proposal development including calculation, content preparation and approval.

Negotiations stage

Negotiation can be an art, a science or a play. Sales negotiations might take place over a series of meetings, conversations and phone calls, or can begin and end within minutes. It’s crucial to provide the ability to counter promptly and efficiently manage all communications during this step. The key challenge here is to ensure that sales reps tap the right negotiation strategy. This should be a very dynamic part of a sales process with close supervision.

Top 3 challenges on the Negotiations stage
Top 3 challenges on the Negotiations stage

✅ Pro Tip: Leverage the power of automated opportunity management processes to make sure all the work for an opportunity is done as thoroughly as possible; all key influencers attend the presentation, the proposal is customized to meet the expectations of the prospect and submitted on time, and a detailed plan of follow-ups on the negotiations stage is developed and executed. The process must guide sales reps through all the steps required to get to the desired results.

CLOSING THE DEAL: CONTRACT & CLOSING STAGES

Contract stages

The contract stage has a lot of moving parts. The key task for a sales rep here is to align these moving parts into a coordinated process that helps to manage interactions inside the company and plan activities with a prospect in order to sign the contract quickly.

Closing stages

When a sale closes – whether the opportunity becomes a win, a loss, a rerouted opportunity or a rejected deal – it is very important to evaluate the results and analyze each opportunity.

  • 24% Only 24% of sales reps perform a win / loss analysis
  • 1.3 Closed-won opportunities involved 1.3 people from the client side on average, as compared to only 1.1 on closed-lost opportunities
Top 3 challenges on the Closing stage
Top 3 challenges on the Closing stage

Why was your company selected or not? What sales techniques were successful? What are the next steps to ensure a smooth transition to the service delivery/account manager? Having all these questions answered and recorded in the CRM should be mandatory for every rep. This feedback is vital for other departments such as marketing or product development to quickly fix possible issues or review marketing messages.

✅ Pro Tip: Better orchestration and automation of the contract stage enables sales reps to focus on closing sales, while spending less effort on jumping hurdles in the process. The process has to be clear, solid and workable. When an opportunity is closed, it’s imperative to evaluate the results to identify strengths and weakness of the sales play and ensure more successful sales in the future.

TECHNOLOGY TO SUPPORT SALES OPERATIONS

In order to improve sales operations, a guided approach to selling is needed. It should include steps that help reps avoid common missteps like failing to follow up on time. A conventional CRM is commonly accepted to be an answer, however it has many limitations. The modern business environment calls for more sophisticated tools that accelerate results with actionable data. A CRM backed with a powerful business process management (BPM) engine is a technology that provides this kind of support.

  • 70% Over 70% of organizations report that the tools and systems their sales reps use in the sales process are only somewhat or slightly connected.
  • 22% Even more shocking, 22% of organizations report that their systems are not connected at all.
  • 53% of top-performing companies are investing in CRM to drive sales 53% productivity

How BPM boosts sales

  • Automates routine sales tasks which frees up time for more lucrative activities
  • Evaluates different approaches to identify bottlenecks and find solutions to problems
  • Replicates the processes of the most successful salespeople and uses them as best practices
  • Creates processes that bring marketing, service and finance departments into the loop just when you need them
  • Constantly creates and automates new processes to respond to the needs of the rapidly changing business
  • Increases performance of new sales reps who need to follow clearly defined processes

✅ Pro Tip: CRM systems are simply an enabler to help you accomplish your business goals, not a magic wand that automatically makes your company operate more effectively. However, by combining CRM with BPM, you can more easily actualize the business goals you’re trying to achieve with CRM by reviewing your existing processes and identifying areas for improvement and applying industry best practices to make your processes more efficient.

Agile selling requires companies to operate at dramatically different speeds and levels of collaboration. When done strategically, it can help to provide the flexibility, accountability and responsiveness necessary to capitalize on growth opportunities in today’s rapidly changing business environment and customer behavior. Delivering a process-centric approach to your sales process, tuned to industry requirements and targeted to specific business models, provides the highest value to an organization, which in turn gives the ability to deliver a superior customer experience to the customers. A process-oriented approach to selling, supported by process-driven technology, enables optimal sales performance and accelerates results.


Source: https://www.bpmonline.com/ebook/smarter-sales-processes

Bpm’online – sales force automation tools to manage the complete sales cycle – from lead to repeat sales.

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